Yesterday, a 13-member Federal panel announced the results of its 2-year-long study into Social Security system. Although the panel was split, the majority of members favored what is being called a "privatization" option — that is, moving Social Security away from a Federal-run system that guarantees monthly payments to retirees to a new system, one characterized by individual accounts with Wall Street brokerage houses and mutual fund companies. Trade unions yesterday pledged an all-out fight against the privatization of the social security system.
Guests: via TAPE: JERRY SHEA, assistant to the president of the AFL-CIO and a member of the Social Security Advisory Panel that released its report yesterday.
TAPE: GLORIA JOHNSON, president of the Coalition of Labor Union Women and the vice president of the Electrical Workers Union. She was a member of the Social Security Advisory Panel.
TAPE: EDITH FIERST, a pension fund lawyer and a member of the Social Security Advisory Panel.